As we recover from a subdued market, REINZ figures show October to be a more positive month, with increases in sales and ever so slight increases in median prices, Chief Executive Jen Baird says
There seems to be light at the end of the tunnel. Although challenges like the cost of living remain, positive signs are emerging. Falling interest rates, increased inventory in the market, and greater activity during open home events are all reflected in the data for October.
On the sales front, total properties sold nationally increased by 20.0% compared to October 2023. Sales for New Zealand, excluding Auckland, rose 22.7% year-on-year, with notable increases in Nelson (+112.8%) and Marlborough (+29.5%).
Salespeople are seeing more confidence among vendors and buyers now we’re into spring, and this shows signs of a busier market leading up to Christmas.
The national median price increased by 0.7% year-on-year, from $789,500 to $795,000; month-on-month, it increased by 1.9%, from $780,000. Excluding Auckland, the median price rose 2.9% year-on-year from $690,000 to $710,000 and increased 2.2% from $695,000 compared to October 2024.
Regionally, ten out of sixteen areas reported an increase in median prices over the past year, with Marlborough leading at an impressive 18.3% increase to $769,000. The West Coast followed closely with a 14.7% rise year-on-year to $390,000. Month-on-month changes also revealed significant increases in Marlborough (10.6% from $695,000) and Manawatu-Whanganui (10.0% to $550,000).
The New Zealand property market is experiencing a dynamic shift. While median prices are gradually catching up, local salespeople note that some buyers remain cautious about overpaying for properties due to relatively high interest rates. This environment encourages buyers to be more strategic in their approach, making them feel confident in negotiating with vendors to reach an agreeable price.
New listings also surged, continuing the trend since the beginning of 2024, with every month this year showing a higher number of listings than the same month in 2023. Thirteen out of fifteen regions reported increases compared to last year. The two regions that didn’t were Southland and Northland, which both had a 0.0% change year-on-year. The regions that experienced the highest rise of listings were Gisborne (+103.6%), Canterbury (+40.6%), and West Coast (+40.0%).
Overall, listings nationally increased by 21.4% to 11,572, and New Zealand (excluding Auckland) increased by 22.2% year-on-year to 7,469.
Inventory levels are also climbing; national inventory grew by 26.3% year-on-year and 7.7% month-on-month to reach 32,339 properties available for sale.
The increase in available properties provides buyers with the opportunity to explore a diverse range of options that better align with their individual needs and preferences, allowing them to take their time shopping around.
In October, there were 1,191 auctions nationally (17.8% of all sales), an increase from 899 (16.1%). The national median days to sell rose by four to 42 days compared to last year; excluding Auckland, it increased from 39 days in October 2023 to 43 days this month.
The House Price Index (HPI) for New Zealand stood at 3,616—a decrease of 1.1% year-on-year but an increase of 0.5% month-on-month. Over the past five years, the average annual growth rate for New Zealand’s HPI has been approximately 4.8%, although it currently sits at 15.4% below its peak in 2021.
Median Prices
- Ten of 16 regions had year-on-year price increases, with Marlborough leading the way with an 18.3% increase.
- With Auckland, just one of seven TA’s had positive year-on-year median price movements – Waitakere City at +1.1%.
- With Wellington, four of eight TAs had positive year-on-year median price movements, with South Wairarapa District leading the way with +3.6%, followed by Upper Hutt City at +3.2%.
- There were no regional median price records this month.
- There were no record median prices at the TA level this month. Southland District recorded $630,000; an equal record median price initially reached in April 2022.
Sales counts
- Hawke’s Bay and Waikato had their highest sales count since November 2021.
- In terms of the month of October, October 2024 had the highest Sales Count in
o Marlborough, Nelson, and Northland since 2020 - In terms of the month of October, October 2024 had the lowest Sales Count in
o West Coast since 2015
Median Days to Sell
- West Coast had its lowest median Days to Sell since October 2022.
- Marlborough had its highest median Days to Sell since April 2023.
- In terms of the month of October, October 2024 had the highest median Days to Sell in
o Canterbury and Marlborough since 2010
o Northland since 2019
House Price Index (HPI)
- Southland is the top-ranked HPI year-on-year movement this month. Otago is second, and Canterbury is third.
- Regarding the 3 months ending HPI movement, Auckland ranks first, Gisborne/Hawke’s Bay second and Waikato third.
Inventory
- All 15 regions have had an increase in inventory in October 2024 compared to one year prior.
- Taranaki has had 36 consecutive months of year-on-year increases in inventory.
- Northland has had 31 consecutive months where their inventory has been at least 14% higher than the same month the year before.
Listings
- Thirteen of 15 regions had a year-on-year increase in listings in October 2024 compared to one year prior.
- Otago has had 9 consecutive months where their listings have been at least 15% higher than the same month the year before.
- Hawke’s Bay has had 10 consecutive months where their listings have been at least 15% higher than the same month the year before.
Auctions
- Nationally, there were 1,191 auctions, 17.8% of sales in October 2024, which is an increase from 899 auctions, or 16.1% of all sales in October 2023.
- Auckland 30.0% = 634 auctions vs 29.5% = 545 auctions in October 2023 (20.6% = 407 auctions in September 2024)
- Gisborne 29.4% = 10 auctions vs 32.1% = 9 auctions in October 2023 (28.2% = 11 auctions in September 2024)
- Canterbury 24.6% = 274 auctions vs 19.3% = 170 auctions in October 2023 (16.0% = 158 auctions in September 2024)
